SINGAPORE: Singapore stocks retreated on Friday morning, Oct 25, following mixed performances in global markets overnight.
The Straits Times Index (STI) dropped 0.2%, or 5.56 points, to 3,599.39 by 9:01 am, The Business Times reports.
In the broader market, 57 stocks fell compared to 50 that gained, with about 41.9 million securities traded, amounting to S$70.5 million in value.
Chinese agritech firm Zixin led the trading volume. It gained 3.6%, or S$0.001, to reach S$0.029 after 7.4 million shares were exchanged. Other heavily traded stocks included Thai Beverage, which was down 0.9%, or S$0.005, to S$0.525, and LifeBrandz, which remained unchanged at S$0.003.
Singapore’s major banks also saw declines at the open. DBS dropped 0.4%, or S$0.16, to S$39.14, while UOB slipped 0.1%, or S$0.03, to S$32.47. OCBC followed with a 0.3% drop, or S$0.05, settling at S$15.35.
In the US, stocks on Wall Street ended Thursday mostly high after a wave of corporate earnings reports. The Dow Jones Industrial Average fell 0.3% to 42,374.36, affected by weaker-than-expected earnings and the ongoing Boeing strike.
In contrast, the S&P 500 rose 0.2% to 5,809.86, while the tech-heavy Nasdaq Composite Index gained 0.8%, closing at 18,415.49, as Tesla’s shares climbed on strong earnings.
European markets closed nearly flat on Thursday. Early gains faded as investors weighed slower business activity and a range of corporate earnings, including those from Evolution, Renault, and Unilever. The pan-European Stoxx 600 index remained mostly unchanged, ending three days of losses.
The Stoxx index saw strong gains earlier this year with hopes for interest rate cuts from the European Central Bank. Recently, however, growth has stalled, with concerns over a sluggish economy, weak Chinese demand, and uncertainties around the US election affecting investor sentiment. /TISG
Read also: Singapore stocks rose on Thursday’s open—STI gained 0.3%
Featured image by Depositphotos